Arconic Sees Weak Adjusted EBITDA, Revenues In FY23 - Update

(RTTNews) - While announcing wider loss and weak revenues in its fourth quarter, Arconic Corp. (ARNC), a provider of aluminum sheet, plate, and extrusions, on Tuesday issued fiscal 2023 forecast, expecting weak revenues.

For fiscal 2023, the company expects revenue to be in a range of $8.0 billion to $8.5 billion.

On average, four analysts polled by Thomson Reuters expect revenues of $8.47 billion for the year. Analysts' estimates typically exclude special items.

Adjusted EBITDA for the full-year is expected to be in a range of $650 million to $700 million.

In fiscal 2022, sales were $9.0 billion and adjusted EBITDA was $706 million.

Free cash flow for full-year 2023 is expected to be approximately $250 million.

Tim Myers, Chief Executive Officer, said, "In 2023, we are focused on continuing to grow across the markets we serve and improving operational efficiency and equipment reliability at our key facilities. Adjusted EBITDA excluding Russian Operations is expected to grow despite adverse economic conditions in Europe and we expect to deliver meaningful free cash flow that will allow us to continue executing our disciplined capital allocation strategy."